The PHLX Semiconductor Index is up over 65% YTD into mid-June 2026, with NVIDIA still leading the AI-capex trade. Ruslan Averin explains why the leg is real, where the 1999 comparison fits, and how he's sizing it.
My earnings options framework: buy straddles pre-earnings when IV rank <40, sell post-earnings CSPs when IV is still elevated. Two NVDA trades — one loss, one win.
NVDA reports May 20. IV is 40–55% before earnings, then collapses. Here's how to trade it without getting crushed.
I sold the May $250 covered call for $10.50 per share with IV at 31%. Effective cost basis: $216.90. Target: either 9.9% return at assignment or keep shares if.
VIX at 17.8 after six weeks of compression. NVDA earnings May 21. The pre-earnings vol expansion window is open — here is the setup.